Home Buying in Bayonne>Question Details

Jackie, Home Buyer in 07002

Will a bank pay closing costs on a short sale?

Asked by Jackie, 07002 Mon Nov 11, 2013

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Answers

8
In most of the short sales I have negotiated, yes, they do approve it. Give me a call if you need any assistance.

dianamatto.sms@gmail.com
443-629-2145
0 votes Thank Flag Link Tue Nov 12, 2013
Hi jackie


I would Say NO
0 votes Thank Flag Link Mon Nov 11, 2013
No. When the bank approves a short sale they are accepting a lower amount for the property than the mortgage note they are holding. They will not pay any fees and will not renegotiate the price after a home inspection. All expenses associated with the sale are the responsibility of the buyer, including any liens on the property. But it never hurts to ask.......

Good luck
0 votes Thank Flag Link Mon Nov 11, 2013
Each individual case is different, but you've got to realize this is a seller's market right now as a lot of the distressed property inventory has been absorbed. Banks are far less accommodating in this climate then they used to be, and they never used to be generous, if you know what I mean.

Good luck!

Sincerely,

Amos Elroy

CDPE (Certified Distressed Property Expert)
SFR (Short-Sale Specialist Certified)
CHBA (Certified Home Buyer Advisor from NAEA)
CSBA (Certified Home Seller Advisor from NAEA)
NAEA Member (National Association of Expert Advisors)
Residential Real Estate Expert Adviser

Lic. Realtor Associate
EXIT On The Hudson Realty

(888) 462-6573 Ext. 101 / (888) HOB-NJRE Ext. 101
FAX (888) 462-6573
Office 201-437-0411
http://www.HobNJRE.com
0 votes Thank Flag Link Mon Nov 11, 2013
Short answer: almost never.
0 votes Thank Flag Link Mon Nov 11, 2013
Hey Jackie,
It's not typical. I've had more banks not pay than pay closing costs for buyers, but you never know for sure unless you ask. It could prolong an already lengthy process when the bank comes back with a counter. But in the end, it depends on what the bank needs to net that day. You could roll the closing costs on top of purchase price if you think the house will appraise for that price. So if the house is listed at $200,000 and you have $6,500 in closing costs, you offer $206,500, or wait until they counter and perhaps disclose what they need to net and roll it on top then. Keep in mind, there is nothing short about the short sale process and a lot of variables, but many times you will get instant equity and it's worth the wait. Good luck!
0 votes Thank Flag Link Mon Nov 11, 2013
It really depends, their is no yes or no answer. It could range from a percentage of the closing cost, many factors involved. This should always be negotiated if the bank does not offer.

Thanks,
Jeffrey V. Lee
0 votes Thank Flag Link Mon Nov 11, 2013
It depends on the bank and what your offer is compared to what they need to net.
0 votes Thank Flag Link Mon Nov 11, 2013
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